Bitcoin SV [BSV]: Coinbase releases cryptocurrency while allowing users access to external wallets

The American cryptocurrency exchange Coinbase will now allow its Bitcoin SV [BSV] holders to withdraw the coin to external wallets, as confirmed by an updated blog post on the exchange’s website.

Many exchanges announced the dissemination of the Bitcoin SV, after the coin hardforked from Bitcoin Cash [BCH] towards the end of 2018. However, the American exchange held off the announcement for three months. In light of the above, Coinbase Support recently tweeted:

“We have now begun emailing customers that held Bitcoin Cash (BCH) at the time of the hard fork with instructions on how to withdraw their corresponding Bitcoin SV (BSV).”

Bitcoin SV [BSV] has been on a steep decline since the coin was introduced in mid-November 2018, following the hardfork and hash war drama that drew in the likes of nChain’s Craig Wright, Bitcoin.com’s Roger Ver, and Bitmain’s Jihan Wu.

The coin is currently languishing in the eleventh spot on the global coin rankings, booted out of the top-10 by Binance Coin [BNB] one week ago. With Coinbase now releasing Bitcoin SV tokens to users that held Bitcoin Cash prior to the hardfork, a massive Bitcoin SV dump might ensue, leading to a further decline in the price of the coin.

With reference to the BSV still held, the exchange stated:

“As such, the amount of BSV now available in respective customers’ Coinbase.com accounts is the same as the amount of BCH that was in their Coinbase (Coinbase.com and Coinbase Pro) account at the time of the hard fork.”

Coinbase has however reaffirmed its lack of support for BSV trades and stated that the customers cannot sell the virtual currency on the exchange. A statement released on February 14 read:

“Coinbase does not support purchases or sales of BSV, so customers cannot sell their BSV for fiat currency on Coinbase. They may send their BSV balance to an external wallet.”

Coinbase Support also stated that users can choose to hold their BSV tokens as there is no deadline for withdrawing the coin:

“There is no deadline for withdrawing BSV so you can hold it in your wallet indefinitely.”

At press time, Bitcoin SV is one of the few coins in the top-15 that have declined against the US dollar, with the token down by 0.89 percent and now posting a price of $62.91. Despite the fact that the feared dump hasn’t materialized, a continuing bear run does not rule the prospect out. A twitter user @Sop, voiced what many think will eventually happen:

“BSV dumping will start in coming days…”

The move hasn’t been welcomed by all with some Twitter users displeased at Coinbase and their lack of support for Bitcoin SV, with a user @Janopetsa tweeting:

“This whole BSV situation has tainted my view of. Coinbase and crypto on the whole. It’s just just not a viable alternative to fiat and real assets. This is proof.”